About This Fund
Marathon Venture Capital Fund III is the third flagship fund managed by Marathon Venture Capital, the foremost seed-stage venture capital firm headquartered in Athens, Greece. The fund reached its final close in May 2025 at €75 million in an oversubscribed single closing, underscoring strong institutional confidence in Marathon VC's thesis of backing Greek technology entrepreneurs building globally competitive companies from Southern Europe. The fund was supported by anchor commitments of €20 million each from the European Investment Fund (EIF) and the Hellenic Development Bank of Investments (HDBI), alongside corporate and private investors from Greece and international markets. The oversubscription reflects Marathon VC's growing reputation as the leading gateway to the Greek technology ecosystem, with the fund raising Marathon VC's cumulative assets under management above €170 million across three successive funds.
Fund III deploys early-stage capital into approximately 15 technology companies founded by Greek entrepreneurs operating across Europe and globally, continuing Marathon VC's core thesis that differentiated technical talent and a lean operating culture in Southern Europe can generate outsized returns in B2B technology markets. Target investment sectors include IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defense technology, and deep tech. Marathon VC invests at the seed stage, acting as lead investor and taking active board roles, and leverages its extensive network within the Greek diaspora — particularly in the United States and Western Europe — to support portfolio companies with international expansion, customer development, and follow-on fundraising. The fund continues the progression of Marathon VC's strategy from its first fund (2017, technology generalist) through Fund II (2020, subsequently expanded to €70 million) toward deeper focus on technical and hard-to-replicate intellectual property.
Marathon Venture Capital was founded in 2012 and has established a track record of backing several of Greece's most successful technology companies across its prior two funds. Portfolio companies from Marathon's previous funds have gone on to raise significant follow-on capital at international valuations and achieve meaningful product-market fit in global B2B markets. The fund was established at a time when Greece's technology ecosystem had reached an inflection point, with multiple Athens-based startups achieving venture funding from top-tier international investors and a growing pipeline of technically sophisticated founders emerging from Greek universities and the diaspora. Fund III builds on this foundation with a broader mandate to support deep-tech and frontier sectors — including defense technology and agricultural automation — reflecting Marathon VC's evolution toward harder-to-replicate competitive advantages in a global market shaped by AI, quantum computing, and autonomous systems.